Zoglo’s Incredible Food, a Canadian manufacturer of kosher and plant-based products, has sold a stake to specialist investor Eat Beyond.
Neither the size of the stake nor the amount Eat Beyond paid for it via a seed funding round have been revealed. But the Vancouver-based investor, which specialises in backing alternative-protein businesses, said its investment will reinforce Zoglo’s plans to become publicly traded via a reverse takeover in the coming months.
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Eat Beyond said it anticipates increasing its interest in Zoglo’s by participating in its next financing – the ‘go public’ investment round.
Toronto-based Zoglo’s has been making plant-based products, including burgers, falafel and nuggets, for more than 25 years. It serves the North American, European and Australian markets.
It already supplies products to retailers such as Walmart, Sobeys and Loblaws, but said that, with Eat Beyond’s backing, it hopes to expand its reach in the “mainstream market” and into the foodservice channel.
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By GlobalDataAnthony Morello, CEO of Zoglo's, said: "We are very pleased to welcome Eat Beyond as an early shareholder of Zoglo's. They have a very well-respected, highly knowledgeable management team and we look forward to working with them as we continue to grow Zoglo's to become a dominant player in our industry."
Patrick Morris, CEO of Eat Beyond, added: "Zoglo's has a deep understanding of its customer's demand for quality, nutrition and taste. The opportunity is massive for a brand with its impressive track record and we anticipate that its planned launch in the foodservice business has tremendous potential for success."
Last month, Eat Beyond invested in locally-based plant-based ingredients firm Above Foods.
